So, you’re needing a little boost? Trying to break into a new market? Attempting to get through a challenge? It can be a daunting task! Here, we’ll outline the help you need – in the form of a Business Sherpa: a Strategic Planner! (We’re obviously biased – but we think it’s essential!)
First of all, strategic planning serves as the cornerstone of organizational success, providing a roadmap for achieving your long-term goals and navigating what can be a difficult and ever-changing business journey. In this guide, we'll delve into the key facts you need to know about Strategic Planning Services to help your businesses thrive and excel.
What is Strategic Planning?
This is a systematic process undertaken by organizations to define their vision, mission, and objectives, and to develop strategies to achieve them. It involves assessing internal and external factors, competition, setting priorities, understanding and allocating resources effectively to position the organization for success. We call this The Map!
The 4 "P's" of Strategic Planning
The four "P's" of strategic planning—Purpose, Position, Plan, and Performance—serve as guiding principles in the strategic planning process. Purpose entails defining the organization's mission and vision, while Position involves analyzing the internal and external environment. Plan encompasses developing strategies, and Performance focuses on monitoring progress and adapting strategies as needed. Put these in your Journey’s backpack, and you’re ready to go!
The 3 Types of Strategic Planning
Three main types of strategic planning exist: Corporate Level, Business Unit Level, and Functional Level. Corporate level planning focuses on the overall direction and scope of the organization, while Business unit level planning involves developing strategies for individual units or divisions. Functional level planning addresses specific functional areas such as marketing, finance, and operations...just to name a few. Think of this as the layers of the map – all will be important to achieve overall success…but which to start with can be a great question to address.
The 7 Purposes of Strategic Planning
Strategic planning serves seven primary purposes: Direction Setting, Resource Allocation, Risk Management, Performance Improvement, Organizational Learning, Stakeholder Engagement, and Adaptation to Change. These purposes ensure that organizations are well-positioned to achieve their goals and thrive in dynamic environments. The outcome of these will ensure that your team is able to innovate, creatively solve challenges, mitigate risk – and that the team is activated to push the business forward.
Strategic Planning Process with Examples
The strategic planning process typically involves six steps: Competitive Analysis, Strategy Formulation, Strategy Implementation, KPI Monitoring, Evaluation and Control, and Strategic Review. For example, a law firm may conduct market research to identify emerging trends (Competitive Analysis) and develop a marketing strategy to capitalize on opportunities (Strategy Formulation).
The Importance of Strategic Planning
Strategic planning is essential for organizations as it provides clarity of purpose, guides decision-making, aligns resources with priorities, promotes innovation and adaptability, enhances performance measurement, and fosters organizational growth and sustainability. The chances of success in achieving your Summit are exponentially increased when you plan – and planning together with an expert Strategy Planning Team will be even more powerful.
At Point NorthEast™, our life’s work is to be professional business coaches, advisors, and counselors. We strive to share, give, and help you develop your skills, competencies, and attributes to be wildly successful – well beyond your dreams. We want you, your team, and your business to realize and actualize your full potential. Your success is inextricably connected to our success – we only succeed when you succeed! Let us know if we can help your business!